“This outcome affirms our vision for the future of the financial advice profession and creates a powerful partnership to help make this vision a reality for the financial advisors and financial institutions we support.”

Through financial advisors and financial institutions, Cetera provides professional financial advice to individuals, families and company retirement plans across the country.

Claimed to be the second-largest independent financial advisor network in the US, Cetera is also a service provider to the investment programs of banks and credit unions.

Going forward, Cetera will continue to operate under a multi-affiliation structure via two core channels, including traditional and specialty.

Subject to customary regulatory and other approvals, the deal is expected to complete in the late third quarter of this year.

Genstar managing director Tony Salewski said: “We’re excited to work closely with the team at Cetera to build on the company’s longstanding leadership in the financial advice space, and to support the growth and success of its nearly 8,000 financial advisors across the country. “

Based in San Francisco, Genstar primarily invests in the financial services, industrial technology, healthcare and software industries.